A survey by TD Insurance survey, conducted by Leger, reveals that most Canadians planning to travel don’t intend to purchase travel insurance.
Sixty-five percent of Canadians plan on taking a trip in the near future, but only 36 percent intend to purchase both medical and cancellation travel insurance.
Among Canadians overall, 54 percent say they have the financial means to cover some out-of-pocket expenses, but most would only be able to cover less than $5,000.
Three in ten Canadians responded that they wouldn’t be able to cover any out-of-pocket expenses above $300 should something unexpected happen.
Among those likely to travel in the next year, younger Canadians between the ages of 18 and 34, appear least likely to purchase travel insurance with only 27 percent saying they intend to buy cancellation and travel medical coverage, compared to 39 percent of those over the age of 35.
Twenty-nine percent of Canadians aged 18-34 believe that travelling with insurance isn’t necessary.
A third of Canadians who will not be purchasing insurance for their upcoming trip believe that it is too expensive.
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